Moody's sees $14.5bn FX fines for top banks

Deutsche Bank and Citi heading for worst fines, report says

Judge's gavel
Banks have been placing aside funds to cover any legal fines

Credit ratings agency Moody's has estimated some of the largest banks in the foreign exchange market will end up paying regulators a total of $14.5 billion in fines for alleged misconduct around FX benchmarks.

Moody's credit outlook, which was published on November 3, comes shortly after Citi adjusted its third-quarter financial results on October 30, due to a $600 million "increase in legal accruals". While Citi did not make reference to FX specifically, other banks have made similar adjusted

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